SEOUL: Acknowledging quick stabilisation measures taken by Pakistan to put national economy back on track, Asian Development Bank (ADB) President Masatsugu Asakawa assured bank’s continued support for incumbent government’s critical and structural reforms at time when country recently witnessed devastating floods caused by climate change.

Addressing press conference at ADB Board of Governors’ 56th annual meeting here at Incheon, bordering city of South Korea’s Capital Seoul, President said Pakistan was taking ‘quick’ required stabilisation measures by containing spending, enhancing tax revenues and improving financial sustainability of energy sector.

He said ADB was supporting these policy measures that would definitely improve economic condition of country and help improve fiscal space for enhancing social protection transfers.

He said bank would continue supporting Pakistan in these reforms through policy-based lending operations to help improve economy and financial position.

Answering question of APP correspondent about predicted heavy rains and floods this year in Pakistan and ADB’s response in this regard, he said “Government of Pakistan is taking swift economic stabilisation and rehabilitation measures. These structural reforms will definitely bring economic stability of Pakistan and create fiscal space for enhanced social protection transfers.”

ADB President also announced new programme IF-CAP: Innovative Finance Facility for Climate in Asia and Pacific, terming plan “Global first in its scale and scope.”

In recent years, he said war, disease and economic hardship have taken terrible toll on human welfare.

Published in The Daily National Courier, May, 03 2023

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